Recently, President Trump and Secretary Mnuchin announced finalization of the second round of Opportunity Zone rules.
Opportunity Zone projects at the local level continue development across workforce, commercial, and retail projects.
Recently, three Opportunity Zone eligible or related projects were announced in Hawaii, Cleveland, and Camden, New Jersey.
Kukui’ula Neighborhood: One of two Opportunity Zones in Hawaii may have spurred residential development. Twenty-five homesites, some ocean-front property, are either sold or finalizing sale. The homes start at approximately $500K and are located near a golf course.
ResinTech Inc. and Camden’s Revitalization: ResinTech Inc. received $140 Million in incentives to move headquarters to an Opportunity Zone. Opportunity Zone incentives will be tapped to provide nearby workforce housing for Camden, New Jersey residents.
NuCLEus Project in Cleveland’s City Center: Two 350 feet towers in Cleveland’s City Center could take advantage of the Federal Opportunity Zone tax incentive. The towers would include 400K Sq. Ft. of office space, 250 residential units, and ground-floor retail space.
Stakeholders of Opportunity Zone will look to track the social or environmental impact of each Opportunity Zone eligible project and whether projects cause gentrification or displacement.